Encompass Corporation, launched in the UK in 2015 and now has its HQ in Glasgow, has launched a fully automated AML and CTF solution for the financial services sector.
The EU’s soon-to-be introduced 4th Anti-Money Laundering Directive will add increased compliance regulations on a raft of other industries, from estate agents to casinos; and importantly, law firms.
The software platform enables financial professionals to meet the increasingly demanding regulatory requirements of the European Union’s Fourth Anti-Money Laundering Directive, which must be implemented by 26 June 2017.
The 4th AML Directive includes fundamental changes to the existing procedures, which will impact legal professionals. Changes to Customer Due Diligence (CDD), the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons (PEPs) within the UK, all present a challenge for financial professionals who struggle to tailor legacy systems or keep up with manual process.
Alex Ford, VP Marketing & Operations from Encompass said:
“AML4 is something a lot of businesses are struggling to prepare for. An opportunity exists for lawyers, accountants and finance professionals to automate KYC processes in order to reduce the risks of failing to comply, while vastly improving efficiency – both at onboarding and when the information needs to be refreshed during the client life-cycle. We are proud to have created a system that makes AML/CTF compliance manageable and delivers peace of mind.”
Read the full story at IFSD Glasgow:
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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